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                                                                   EXHIBIT 10.14

                                                                       EXECUTION


                              FEGP MERGER AGREEMENT

                  This MERGER AGREEMENT made as of August 13, 2004 (this
         "Agreement"), by and among:

                  (a) FELDMAN EQUITIES GENERAL PARTNER INC., a Pennsylvania
         corporation ("FEGP");

                  (b) FELDMAN EQUITIES GENERAL PARTNER MERGER INC., a
         Pennsylvania corporation ("FEGP Merger");

                  (c) FELDMAN MALL PROPERTIES, INC., a Maryland corporation
         ("FMP"); and

                  (d) FELDMAN PARTNERS, LLC, an Arizona limited liability
         company ("FEGP Shareholder").

                                    RECITALS:

A.   FEGP is a Pennsylvania corporation with its principal executive office
     located at 3225 North Central Avenue, Suite 1205, Phoenix, Arizona.

B.   The authorized capital stock of FEGP consists of 100 shares of common stock
     ("FEGP Common Stock"), of which a total of 100 shares are issued and
     outstanding.

C.   FEGP Shareholder is the owner of all of the outstanding shares of FEGP
     Common Stock.

D.   FMP is a Maryland corporation with its principal executive office located
     at 3225 North Central Avenue, Suite 1205, Phoenix, Arizona. FEGP Merger is
     a wholly owned subsidiary of FMP and was formed to merge with and into
     FEGP.

E.   The respective Boards of Directors of each of FEGP, FEGP Merger and FMP
     have determined that the merger of FEGP Merger with and into FEGP (the
     "Merger") in accordance with the laws of the Commonwealth of Pennsylvania
     and subject to the terms and conditions of this Agreement, is advisable and
     in the best interests of FEGP, FEGP Merger and FMP and their respective
     stockholders have approved this Agreement and the Merger.

F.   As a result of the Merger, FEGP will survive and become a wholly-owned
     subsidiary of FMP.

G.   FEGP, FEGP Merger and FMP desire to make certain agreements in connection
     with the Merger and also to set forth the terms and conditions of the
     Merger, all as set forth Agreement.

         NOW THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1. The Merger.

         1.1 The Merger. At the Effective Time (as defined in Section 1.2), upon
the terms and subject to the conditions of this Agreement, FEGP Merger shall be
merged with and into FEGP in accordance with the provisions of the Business
Corporation Law of 1988 of the Commonwealth of Pennsylvania (the "PABCL"). FEGP
shall be the surviving corporation in the Merger (the "Surviving Corporation").
As a result of the Merger, the outstanding shares of capital stock of FEGP
Merger shall be cancelled as provided in Section 2.
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         1.2 Effective Time. Articles of merger (the "Articles of Merger") shall
be duly executed by FEGP and FEGP Merger and thereafter delivered to the
Pennsylvania Department of State (the "Department") for filing, as provided in
Section 1927 of the PABCL on, or as soon as practicable after, the Closing Date
(hereinafter defined). The Merger shall become effective at the time (but not
prior to the Closing Date) of the filing of the Articles of Merger with the
Department, or at such later time as may be agreed by FEGP and FEGP Merger
stated in the Articles of Merger (the date and time of such filing being
referred to herein as the "Effective Time").

         1.3 Closing Date. The Merger shall take place on the date designated by
FMP by notice to FEGP (the "Closing Date"); provided that such date shall be
subsequent to, but no more than five days following, the date on which all of
the conditions precedent set forth herein have been satisfied or waived.

         1.4 Effects of the Merger. At the Effective Time, the effects of the
Merger shall be as provided in the applicable provisions of the PABCL.

         1.5 Articles of Incorporation, By-Laws and Officers and Directors of
the Surviving Corporation. The Articles of Incorporation of FEGP Merger, as in
effect immediately prior to the Effective Time, shall be the Articles of
Incorporation of the Surviving Corporation until thereafter amended as provided
by law and such Articles of Incorporation; provided, that Article First of such
Certificate of Incorporation shall be amended as of the Effective Time to
provide that the name of the Surviving Corporation shall be "Feldman Equities
General Partner Inc." The By-Laws of FEGP Merger as in effect immediately prior
to the Effective Time shall be the By-Laws of the Surviving Corporation until
thereafter amended as provided by law, the Articles of Incorporation of the
Surviving Corporation and such By-Laws. From and after the Effective Time, the
directors and officers of FEGP that were in office immediately prior to the
Effective Time shall be the directors and officers of the Surviving Corporation,
until their respective successors are duly elected or appointed and qualified or
until their earlier death, resignation or in accordance with the Surviving
Corporation's Certificate of Incorporation and By-Laws.

         1.6 Tax Treatment. The parties intend that the Merger qualifies as a
tax-free reorganization as defined in Section 368(a)(1)(C) of the Internal
Revenue Code of 1986, as amended (the "Code"), and the parties hereto agree not
to take any position for United States federal income tax purposes inconsistent
with such intended treatment.

         1.7 Further Assurances. Each party hereto shall execute such further
documents and instruments and take such further actions as may reasonably be
requested by one or more of the others to consummate the Merger, to vest the
Surviving Corporation with full title to all assets, properties, rights,
approvals, immunities and franchises of FEGP Merger and FEGP or to effect the
other purposes of this Agreement.

2. Effect on Capital Stock.

         2.1 Cancellation of Capital Stock of FEGP Merger. At the Effective
Time, by virtue of the Merger and without any action on the part of the holder
of any shares of the common stock of FEGP Merger ("FEGP Merger Common Stock"),
each issued and outstanding share of FEGP Merger Common Stock shall be cancelled
and retired and shall cease to exist and no consideration shall be delivered in
exchange therefor.

         2.2 Conversion of Capital Stock of FEGP. At the Effective Time, by
virtue of the Merger and without any action on the part of the holder of any
shares of FEGP Common Stock:

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         (a) Merger Consideration. All of the outstanding shares of FEGP Common
Stock shall be converted into and become a number of fully paid and
nonassessable shares of the common stock, par value $.01 per share, of FMP ("FMP
Common Shares") equal to 3.51305% of the Available Equity Securities (rounded to
the nearest whole FMP Common Share) (the "Merger Consideration");

         (b) Stock Certificates. At the Effective Time, each certificate
representing shares of FEGP Common Stock will be deemed for all purposes to
evidence the applicable number of FMP Common Shares until such certificate is
exchanged for a certificate representing FMP Common Shares. Following the
Effective Time, FMP shall issue to FEGP Shareholder certificates representing
the Merger Consideration upon surrender by FEGP Shareholder of the certificates,
properly endorsed for transfer, representing shares of all of the FEGP Common
Stock, together with such other documents as may be reasonably requested by FMP
in connection therewith; and

         (c) Certain Defined Terms. As used herein, (a) "Available Equity
Securities" means the aggregate number of OP Units and FMP Common Shares
available for allocation to the Contributors on the closing of the IPO pursuant
to the agreements listed on Schedule 1 hereto; (b) "OP Units" means common units
of limited partner interest in the Feldman Equities Operating Partnership, LP, a
Delaware limited partnership; (c) "Contributors" means (i) Jeffrey Erhart, James
Bourg, Scott Jensen, Lawrence Feldman and FEGP Shareholder (each a "Member");
(ii) members of a Member's immediate family; (iii) a trust held for the benefit
of a Member and/or such Member's immediate family; and (iv) an entity that is
wholly-owned (directly or indirectly) by a Member and/or such Member's immediate
family; and (d) "IPO" means the underwritten initial public offering of FMP of
the FMP Common Shares pursuant to an effective registration statement filed with
the Securities Exchange Commission.

         2.3 Legends. All certificates representing FMP Common Shares issued in
the Merger shall bear a restrictive legend in substantially the form set forth
below (or a legend of like effect) in conspicuous type (together with any other
legends required by law or otherwise placed on such certificates):

                  THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
                  ("SECURITIES ACT"), OR UNDER APPLICABLE STATE SECURITIES LAWS
                  ("STATE ACTS") AND MAY BE OFFERED, SOLD OR OTHERWISE
                  TRANSFERRED ONLY UPON REGISTRATION UNDER THE SECURITIES ACT
                  AND THE STATE ACTS OR PURSUANT TO AN EXEMPTION THEREFROM.

In addition, all such certificates shall bear an appropriate restrictive legend
specifying that the FMP Common Shares represented by such certificate are held
by an affiliate of FMP (or, in the absence of such a legend, an appropriate
notation shall be made in the records of the FMP and/or appropriate
stop-transfer instructions shall be issued to the transfer agent).

3. Additional Documents.

         3.1 On the date hereof, FEGP Shareholder shall deliver to FMP a duly
completed and executed Form W-9, FIRPTA Affidavit and Accredited Investor
Questionnaire, each in the form attached as Exhibit A to this Agreement (this
Agreement, the Lock-Up Agreement (hereinafter defined), the Accredited Investor
Questionnaire, Form W-9 and FIRPTA Affidavit collectively referred to as, the
"Transaction Documents").

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         3.2 On the Closing Date, FMP and FEGP Shareholder shall execute a (i)
Registration Rights Agreement in favor of FEGP Shareholder; and (ii) "lock-up"
agreement (the "Lock-Up Agreement") which will impose resale restrictions on the
FMP Common Shares that constitute the Merger Consideration.

4. Representations, Warranties and Covenants of FEGP and FEGP Shareholder. FEGP
and FEGP Shareholder hereby acknowledges, represents and warrants to, and
covenants and agrees with FMP and FEGP Merger that (and each representation and
warranty set forth below shall be deemed remade as of the Closing Date):

         4.1 Organization, Standing and Power. FEGP has been duly organized and
is validly existing and in good standing under the laws of the Commonwealth of
Pennsylvania. FEGP has all requisite corporate power and authority to own,
operate, lease and encumber its properties and carry on its business as now
being conducted. FEGP Articles of Incorporation, as amended (the "FEGP
Articles"), are in effect, and no dissolution, revocation or forfeiture
proceedings regarding FEGP have been commenced. FEGP is duly qualified or
licensed to do business as a foreign corporation and is in good standing in each
jurisdiction in which the nature of its business or the ownership or leasing of
its properties makes such qualification or licensing necessary, other than in
such jurisdictions where the failure to be so qualified or licensed,
individually or in the aggregate, would not have a material adverse effect on
the business, properties, assets, financial condition or results of operations
of FEGP taken as a whole.

         4.2 Capital Structure.

                  (a) There are 100 shares of FEGP Common Stock, 100 of which
         are outstanding.

                  (b) FEGP Shareholder is the sole owner of all of the
         outstanding shares of FEGP Common Stock.

                  (c) There are no:

                           (i) qualified or nonqualified options to purchase
                  shares of FEGP Common Stock or any other formal or informal
                  arrangement to purchase shares of FEGP Common Stock or any
                  other equity securities of FEGP;

                           (ii) other warrants or other rights to acquire FEGP
                  Common Stock or any other equity securities of FEGP; and

                           (iii) stock appreciation rights, restricted stock,
                  dividend equivalents, deferred compensation accounts,
                  performance awards, restricted stock unit awards and other
                  awards relating the FEGP Common Stock or any other equity
                  securities of FEGP which are outstanding on the date of this
                  Agreement.

                  (d) Other than the shares of FEGP Common Stock, there are no
         outstanding securities, options, warrants, calls, rights, commitments,
         agreements, arrangements or undertakings of any kind to which FEGP is a
         party or by which it is bound, obligating FEGP to issue, deliver or
         sell, or cause to be issued, delivered or sold, additional shares of
         capital stock, voting securities or other ownership interests of FEGP
         or obligating FEGP to issue, grant, extend or enter into any such
         security, option, warrant, call, right, commitment, agreement,
         arrangement or undertaking.

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                  (e) All outstanding shares of FEGP Common Stock are duly
         authorized, validly issued, fully paid and nonassessable and not
         subject to preemptive or similar rights under law or the FEGP Articles
         or by-laws or any contract or instrument to which FEGP is a party or by
         which it is bound.

                  (f) All dividends on FEGP Common Stock, which have been
         declared prior to the date of this Agreement, have been paid in full.
         FEGP is not is in arrears with respect to dividends or other
         distributions on any of its outstanding shares of capital stock.

                  (g) FEGP is not a party to any registration rights agreement
         or other agreement between FEGP, on the one hand, and one or more other
         parties, on the other hand, which sets forth any obligation of FEGP
         with respect to the registration of any securities of FEGP pursuant to
         the Securities Act of 1933, as amended (the "Securities Act").

4.3 Authority; Noncontravention; Consents.

         (a)      FEGP has the requisite corporate power and authority to enter
                  into this Agreement and, subject to the requisite FEGP
                  stockholder approval of this Agreement and the Merger, to
                  consummate the transactions contemplated by this Agreement to
                  which FEGP is a party. The execution and delivery of this
                  Agreement by FEGP and the consummation by FEGP of the
                  transactions contemplated by this Agreement to which they it
                  it's a party has been duly authorized by all necessary action
                  on the part of FEGP, except for and subject to the requisite
                  FEGP stockholder approvals. This Agreement has been duly
                  executed and delivered by FEGP and constitutes a valid and
                  binding obligation of FEGP, enforceable against it in
                  accordance with and subject to its terms, subject to
                  applicable bankruptcy, insolvency, moratorium or other similar
                  laws relating to creditors' rights and general principles of
                  equity.

         (b)      The execution and delivery of this Agreement by FEGP does not,
                  and the consummation of the transactions contemplated by this
                  Agreement to which FEGP is a party and compliance by FEGP with
                  the provisions of this Agreement will not, conflict with, or
                  result in any violation of, or default (with or without notice
                  or lapse of time, or both) under, or give rise to a right of
                  termination, cancellation or acceleration of any material
                  obligation or to material loss of a benefit under, or give
                  rise to a right of purchase under, or result in the creation
                  of any lien upon any of the properties or assets of FEGP
                  under, (i) the FEGP Articles or by-laws, (ii) any agreement
                  applicable to FEGP, the properties or assets of FEGP or (iii)
                  any judgment, order, decree, statute, law, ordinance, rule or
                  regulation applicable to FEGP or its properties or assets.

         (c)      No consent, approval, order or authorization of, or
                  registration, declaration or filing with any governmental
                  entity is required by or with respect to FEGP in connection
                  with the execution and delivery of this Agreement by FEGP or
                  the consummation by FEGP of the transactions contemplated by
                  this Agreement, except for the filing and acceptance for
                  record of the Articles of Merger by the Department.

         4.4 Continuing Efforts. Subject to the terms and conditions herein
provided, FEGP covenants and agrees to use its best efforts to take, or cause to
be taken, all actions and do, or cause to be done, all things necessary, proper
and/or appropriate to consummate and make effective the transactions
contemplated by this Agreement.

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5. Representations, Warranties and Covenants of FEGP Shareholder. FEGP
Shareholder hereby acknowledges, represents and warrants to, and covenants and
agrees with FMP that (and each representation and warranty set forth below shall
be deemed remade as of the Closing Date):

         5.1 Approval of FMP Organizational Documents. FEGP Shareholder has
reviewed and approved the forms of the Charter and by-laws of FMP (as amended
from time to time, collectively, the "FMP Organizational Documents"), and FEGP
Shareholder consents to any changes to the FMP Organizational Documents approved
by FMP.

         5.2 Uncertainty as to Amount or Value of Available Equity Securities
and Merger Consideration.

                  (a) As of the date of this Agreement FMP does not know the
         number or value of the Available Equity Securities and, accordingly,
         the value of or the number of shares representing the Merger
         Consideration.

                  (b) The number and value of the Available Equity Securities
         and Merger Consideration will depend on a number of factors, including
         possible acquisitions that FMP or an affiliate thereof may accomplish,
         the valuation that is eventually achieved by FMP in the IPO, and
         prevailing market and other conditions.

         5.3 Authority; Authorization; Execution and Delivery.

                  (a) FEGP Shareholder has full power and authority to enter
         into the Transaction Documents and to consummate the transactions
         contemplated by this Agreement.

                  (b) The execution and delivery of the Transaction Documents by
         FEGP Shareholder and the consummation by FEGP Shareholder of the
         transactions contemplated by the Transaction Documents have been duly
         authorized by all necessary action on the part of FEGP Shareholder and
         will not constitute or result in a breach or default under, or conflict
         with or violate, any agreement or other undertaking, to which FEGP
         Shareholder is a party or by which FEGP Shareholder is bound or with
         any judgment, decree, statute, order, rule or regulation applicable to
         FEGP Shareholder or FEGP Shareholder's assets, and, if FEGP Shareholder
         is not an individual, will not violate any provisions of the
         organizational or other formation or governing documents of FEGP
         Shareholder.

                  (c) The Transaction Documents have been duly executed and
         delivered by FEGP Shareholder and constitute valid and legally binding
         obligations of FEGP Shareholder, enforceable against FEGP Shareholder
         in accordance with and subject to their respective terms, subject to
         applicable bankruptcy, insolvency, moratorium or other similar laws
         relating to creditors' rights and general principles of equity. The
         signatures on the Transaction Documents are genuine, and the signatory,
         if FEGP Shareholder is an individual, has legal competence and capacity
         to execute the same, or, if FEGP Shareholder is not an individual, the
         signatory has been duly authorized to execute the same on behalf of
         FEGP Shareholder.

         5.4 Purchase for Investment.

                  (a) FEGP Shareholder is acquiring the Merger Consideration for
         FEGP Shareholder's own account (or if FEGP Shareholder is a trustee,
         for a trust account) for investment only, and not with a view to or for
         sale in connection with any distribution of all or any part of such
         Merger Consideration.

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                  (b) FEGP Shareholder hereby agrees that FEGP Shareholder shall
         not, directly or indirectly, transfer all or any part of the Merger
         Consideration (or solicit any offers to buy, purchase or otherwise
         acquire or take a pledge of all or any part of the Merger
         Consideration) except in accordance with (i) the registration
         provisions of the Securities Act and the regulations thereunder or an
         exemption from such registration provisions; (ii) any applicable state
         or non-U.S. securities laws; (iii) the terms of this Agreement; and
         (iv) the FMP Organizational Documents.

                  (c) FEGP Shareholder understands that (i) FEGP Shareholder
         must bear the economic risk of an investment in the Merger
         Consideration for an indefinite period of time because, among other
         reasons, the transfer of the Merger Consideration have not been
         registered under the Securities Act and, therefore, the Merger
         Consideration cannot be sold unless such resale is subsequently
         registered under the Securities Act or an exemption from such
         registration is available; and (ii) sales or transfers of the Merger
         Consideration are further restricted by the provisions of the FMP
         Organizational Documents, as applicable, and may be restricted by other
         applicable securities laws. If at any time the Merger Consideration are
         evidenced by certificates or other documents, each such certificate or
         other document shall contain a legend stating that (x) the Merger
         Consideration (1) has not been registered under the Securities Act or
         the securities laws of any state; (2) has been issued pursuant to a
         claim of exemption from the registration provisions of the Securities
         Act and any state securities law which may be applicable; and (3) may
         not be sold, transferred or assigned without compliance with the
         registration provisions of the Securities Act and the regulations
         thereunder and any other applicable Federal or state securities laws or
         compliance with applicable exemptions therefrom; and (y) sale, transfer
         or assignment of such Merger Consideration is further subject to
         restrictions contained in the LP Agreement and such Merger
         Consideration may not be sold, transferred or assigned unless and to
         the extent permitted by, and in accordance with, the provisions of the
         FMP Organizational Documents.

         5.5 Information.

                  (a) FEGP Shareholder has carefully reviewed this Agreement,
         the forms of the Charter and by-laws of FMP. FEGP Shareholder has been
         provided an opportunity to ask questions of, and FEGP Shareholder has
         received answers thereto satisfactory to FEGP Shareholder from FMP or
         its representatives regarding the terms and conditions of the transfer
         of the Merger Consideration, and FEGP Shareholder has obtained all
         additional information requested by FEGP Shareholder of FMP and its
         representatives to verify the accuracy of all information furnished to
         FEGP Shareholder regarding the issuance of the Merger Consideration.

                  (b) FEGP Shareholder is not relying on FMP or any of its
         subsidiaries, affiliates or any of their respective representatives or
         agents with respect to any tax or other economic considerations
         involved in connection with the Merger Consideration.

                  (c) FEGP Shareholder has been advised to consult with his or
         its tax, legal and other advisors regarding the transfer of the Merger
         Consideration and its effects, the tax consequences of making and not
         making a subscription hereunder, and has obtained, in FEGP
         Shareholder's judgment, sufficient information to evaluate the merits
         and risks of such subscription and investment.

                  (d) FEGP Shareholder has not been furnished with and has not
         relied on any oral or written representation from any party other than
         his or its advisors in connection with the transfer of the Merger
         Consideration that is not contained in this Agreement.

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         5.6 Economic and Liquidity Risk.

                  (a) FEGP Shareholder has such knowledge and experience in
         financial and business matters such that FEGP Shareholder is capable of
         evaluating the merits and risks of making a subscription for the Merger
         Consideration, and that FEGP Shareholder has evaluated the risks of
         investing in the Merger Consideration and has determined that they are
         a suitable investment for FEGP Shareholder.

                  (b) FEGP Shareholder understands that an investment in the
         Merger Consideration is a speculative investment that involves very
         significant risks and tax uncertainties and that FEGP Shareholder is
         prepared to bear all of the economic, tax and other risks of an
         investment in the Merger Consideration for an indefinite period of
         time, and is able to withstand a total loss of FEGP Shareholder's
         investment in the Merger Consideration.

                  (c) FEGP Shareholder has adequate net worth and no need for
         liquidity in his investment in the Merger Consideration.

         5.7 Eligibility; Accredited Investor Status. FEGP Shareholder is an
"accredited investor" as defined in Regulation D under the Securities Act. FEGP
Shareholder will, upon request, execute, deliver and/or provide any additional
documents deemed by FMP to be necessary or desirable to confirm FEGP
Shareholders such status.

         5.8 Ownership of the FEGP Common Shares.

                  (a) FEGP Shareholder has good and marketable title to the FEGP
         Common Shares, free and clear of all pledges, claims, liens,
         restrictions, charges, encumbrances, security interests, conditional
         sales agreements and other obligations of any kind or nature. FEGP
         Shareholder shall not sell, convey, assign or otherwise transfer all or
         any portion of the FEGP Common Shares prior to the Closing Date. FEGP
         Shareholder is the sole owner of all of the outstanding FGHP Common
         Shares.

                  (b) FEGP Shareholder is not and will not be (i) an "employee
         benefit plan" within the meaning of Section 3(3) of ERISA, whether or
         not subject to ERISA, (ii) a "plan" within the meaning of Section 4975
         of the Code, or (iii) any person or entity whose assets include or are
         deemed to include the assets of any such "employee benefit plan" or
         "plan" by reason of Section 2510.3-101 of the Regulations of the U.S.
         Department of Labor or otherwise. FEGP Shareholder will, upon request,
         execute, deliver and/or provide any additional documents deemed by FMP
         to be necessary or desirable to confirm the foregoing.

         5.9 Residence; Etc. The signature pages attached to this Agreement
correctly set forth

                  (a) if FEGP Shareholder is a natural person, the principal
         residence of FEGP Shareholder;

                  (b) if FEGP Shareholder is a corporation, partnership, limited
         liability company, business trust or other entity (an "Entity"), the
         place of business (or, if there is more than one place of business, the
         chief executive office) of FEGP Shareholder;

                  (c) if FEGP Shareholder is an Entity other than a general
         partnership, the state of incorporation, organization or formation of
         FEGP Shareholder;

                  (d) if FEGP Shareholder is a trust (other than a business
         trust), the principal residence and place of business (or, if there is
         more than one place of business, the chief executive office) of each
         trustee of FEGP Shareholder that is a natural person; and

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                  (e) if FEGP Shareholder is a trust (other than a business
         trust), the place of business (or, if there is more than one place of
         business, the chief executive office) and state of incorporation,
         organization or formation of each trustee of FEGP Shareholder that is
         an Entity.

         5.10 Status as Foreign Person. FEGP Shareholder is not a foreign person
and is not owned directly or indirectly, in whole or in part, by a foreign
person as determined for purposes of Section 1445 of the Code, and the
regulations promulgated thereunder.

         5.11 Continuing Efforts. Subject to the terms and conditions herein
provided, FEGP Shareholder covenants and agrees to use its best efforts to take,
or cause to be taken, all actions and do, or cause to be done, all things
necessary, proper and/or appropriate to consummate and make effective the
transactions contemplated by this Agreement.

         5.12 No Brokers or Finders. FEGP Shareholder has not entered into any
agreement and is not otherwise liable or responsible to pay any brokers' or
finders' fees or expenses to any person or Entity with respect to this Agreement
or the Merger Consideration.

6. Representations, Warranties and Covenants of FEGP Merger and FMP. FMP and
FEGP Merger hereby acknowledges, represents and warrants to, and covenants and
agrees with FEGP and FEGP Shareholder that (and each representation and warranty
set forth below shall be deemed remade as of the Closing Date):

         6.1 Organization, Standing and Power. FEGP Merger has been duly
organized and is validly existing and in good standing under the laws of the
Commonwealth of Pennsylvania. FEGP Merger has all requisite corporate power and
authority to own, operate, lease and encumber its properties and carry on its
business as now being conducted. FEGP Merger Articles of Incorporation, as
amended (the "FEGP Merger Articles"), are in effect, and no dissolution,
revocation or forfeiture proceedings regarding FEGP Merger have been commenced.
FEGP Merger is duly qualified or licensed to do business as a foreign
corporation and is in good standing in each jurisdiction in which the nature of
its business or the ownership or leasing of its properties makes such
qualification or licensing necessary, other than in such jurisdictions where the
failure to be so qualified or licensed, individually or in the aggregate, would
not have a material adverse effect on the business, properties, assets,
financial condition or results of operations of FEGP Merger taken as a whole.

         6.2 Capital Structure.

                  (a) There are 1,000 shares of FEGP Merger Common Stock, 100 of
         which are outstanding.

                  (b) FMP is the sole owner of all of the outstanding shares of
         FEGP Merger Common Stock.

                  (c) There are no:

                           (i) qualified or nonqualified options to purchase
                  shares of FEGP Merger Common Stock or any other formal or
                  informal arrangement to purchase shares of FEGP Merger Common
                  Stock or any other equity securities of FEGP Merger;

                           (ii) other warrants or other rights to acquire FEGP
                  Merger Common Stock or any other equity securities of FEGP
                  Merger; and

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                           (iii) stock appreciation rights, restricted stock,
                  dividend equivalents, deferred compensation accounts,
                  performance awards, restricted stock unit awards and other
                  awards relating the FEGP Merger Common Stock or any other
                  equity securities of FEGP Merger which are outstanding on the
                  date of this Agreement.

                  (d) Other than the shares of FEGP Merger Common Stock, there
         are no outstanding securities, options, warrants, calls, rights,
         commitments, agreements, arrangements or undertakings of any kind to
         which FEGP Merger is a party or by which it is bound, obligating FEGP
         to issue, deliver or sell, or cause to be issued, delivered or sold,
         additional shares of capital stock, voting securities or other
         ownership interests of FEGP Merger or obligating FEGP Merger to issue,
         grant, extend or enter into any such security, option, warrant, call,
         right, commitment, agreement, arrangement or undertaking.

                  (e) All outstanding shares of FEGP Merger Common Stock are
         duly authorized, validly issued, fully paid and nonassessable and not
         subject to preemptive or similar rights under law or the FEGP Merger
         Articles or by-laws or any contract or instrument to which FEGP Merger
         is a party or by which it is bound.

                  (f) All dividends on FEGP Merger Common Stock, which have been
         declared prior to the date of this Agreement, have been paid in full.
         Neither FEGP Merger is in arrears with respect to dividends or other
         distributions on any of its outstanding shares of capital stock.

                  (g) FEGP Merger is not a party to any registration rights
         agreement or other agreement between FEGP Merger, on the one hand, and
         one or more other parties, on the other hand, which sets forth any
         obligation of FEGP Merger with respect to the registration of any
         securities of FEGP Merger pursuant to the Securities Act.

         6.3 Authority; Noncontravention; Consents.

         (a)      FEGP Merger has the requisite corporate power and authority to
                  enter into this Agreement and, subject to the requisite FEGP
                  Merger stockholder approval of this Agreement and the Merger,
                  to consummate the transactions contemplated by this Agreement
                  to which FEGP Merger is a party. The execution and delivery of
                  this Agreement by FEGP Merger and the consummation by FEGP
                  Merger of the transactions contemplated by this Agreement to
                  which they it it's a party has been duly authorized by all
                  necessary action on the part of FEGP Merger, except for and
                  subject to the requisite FEGP Merger stockholder approvals.
                  This Agreement has been duly executed and delivered by FEGP
                  Merger and constitutes a valid and binding obligation of FEGP
                  Merger, enforceable against it in accordance with and subject
                  to its terms, subject to applicable bankruptcy, insolvency,
                  moratorium or other similar laws relating to creditors' rights
                  and general principles of equity.

         (b)      The execution and delivery of this Agreement by FEGP Merger
                  does not, and the consummation of the transactions
                  contemplated by this Agreement to which FEGP Merger is a party
                  and compliance by FEGP Merger with the provisions of this
                  Agreement will not, conflict with, or result in any violation
                  of, or default (with or without notice or lapse of time, or
                  both) under, or give rise to a right of termination,
                  cancellation or acceleration of any material obligation or to
                  material loss of a benefit under, or give rise to a right of
                  purchase under, or result in the creation of any lien upon any
                  of the properties or assets of FEGP Merger under, (i) the FEGP
                  Merger Articles or by-laws, (ii) any agreement applicable to
                  FEGP Merger, the properties or assets of FEGP Merger or (iii)
                  any judgment, order, decree, statute, law, ordinance, rule or
                  regulation applicable to FEGP Merger or its properties or
                  assets.

                                       10
<PAGE>

         (c)      No consent, approval, order or authorization of, or
                  registration, declaration or filing with any governmental
                  entity is required by or with respect to FEGP Merger in
                  connection with the execution and delivery of this Agreement
                  by FEGP Merger or the consummation by FEGP Merger of the
                  transactions contemplated by this Agreement, except for the
                  filing and acceptance for record of the Articles of Merger by
                  the Department.

         6.4 Continuing Efforts. Subject to the terms and conditions herein
provided, FEGP Merger covenants and agrees to use its best efforts to take, or
cause to be taken, all actions and do, or cause to be done, all things
necessary, proper and/or appropriate to consummate and make effective the
transactions contemplated by this Agreement.

7. Representations, Warranties and Covenants of FMP. FMP hereby acknowledges,
represents and warrants to, and covenants and agrees with, FEGP Shareholder that
(and each representation and warranty set forth below shall be deemed remade as
of the Closing Date):

         7.1 Authority; Authorization; Execution and Delivery.

                  (a) FMP has full power and authority to enter into this
         Agreement and to consummate the transactions contemplated thereby.

                  (b) The execution and delivery of this Agreement and the
         consummation by FMP of the transactions contemplated hereby have been
         duly authorized by all necessary action on the part of FMP.

                  (c) This Agreement has been duly executed and delivered by FMP
         and constitutes the valid and legally binding obligations of FMP,
         enforceable against FMP in accordance with and subject to its
         respective terms, subject to applicable bankruptcy, insolvency,
         moratorium or other similar laws relating to creditors' rights and
         general principles of equity.

         7.2 Commercially Reasonable Efforts. Subject to the terms and
conditions herein provided, the FMP covenants and agrees to use commercially
reasonable efforts to take, or cause to be taken, all actions and do, or cause
to be done, all things necessary, proper and/or appropriate to consummate and
make effective the transactions contemplated by this Agreement.

8. Survival. The representations, warranties, covenants and agreements contained
in this Agreement and the Accredited Investor Questionnaire shall survive the
consummation of the transactions contemplated herein.

9. Conditions to Consummation by FEGP Shareholder and FEGP. The obligations of
FEGP Shareholder and FEGP to consummate the Merger and receive the Merger
Consideration pursuant this Agreement are subject to the fulfillment of the
following conditions (which may be waived by him or it):

         9.1 Representations, Warranties and Covenants. The representations and
warranties of FEGP Merger and FMP contained herein shall be true, correct and
complete in all material respects on and as of the Closing Date with the same
force and effect as though made on and as of such date unless expressly stated
therein to be made as of a specified date. FEGP Merger and FMP shall have
performed in all material respects all obligations required to be performed by
it under this Agreement at or prior to the Closing Date.

                                       11
<PAGE>

         9.2 Closing Documents. FEGP Merger shall have duly executed and
delivered to FEGP and FEGP Shareholder on or prior to the Closing Date all
documents that are reasonably requested by FEGP or FEGP Shareholder to
effectuate the transactions contemplated hereby.

10. Conditions to Consummation by FMP and FEGP Merger. The obligations of FMP
and FEGP Merger to consummate the Merger are subject to the fulfillment of the
conditions set forth in this Article 10, any one or more of which may be waived
by FMP:

         10.1 Closing of the IPO. The closing of the IPO shall have occurred.

         10.2 Representations, Warranties and Covenants. The representations and
warranties of FEGP and FEGP Shareholder contained in this Agreement shall be
true, correct and complete in all material respects on and as of the Closing
Date with the same force and effect as though made on and as of such date unless
expressly stated herein to be made as of a specified date. FEGP and FEGP
Shareholder shall have performed in all material respects all obligations
required to be performed by him or it under this Agreement at or prior to the
Closing Date.

         10.3 Closing Documents. FEGP Shareholder and FEGP shall have duly
executed and delivered to FMP on or prior to the Closing Date all documents that
are reasonably requested by FMP to effectuate the transactions contemplated
hereby, including but not limited to the Transaction Documents.

11. Indemnity.

         11.1 FEGP Shareholder and FEGP each hereby agrees to indemnify and
defend FEGP Merger, FMP and their respective direct and indirect partners,
members, shareholders, officers, directors and affiliates (each, an "Indemnified
Party") against and to hold them harmless from any and all damage, loss,
liability and expense incurred or suffered by any Indemnified Party arising out
of or based upon the inaccuracy of any representation or warranty or breach of
any covenant or agreement made or to be performed by FEGP Shareholder or FEGP
pursuant to the Transaction Documents.

         11.2 FMP and FEGP Merger hereby agrees to indemnify and defend the FEGP
Shareholder and FEGP against any and all damage, loss, liability and expense
incurred or suffered by it or him out of or based upon the inaccuracy of any
representation or warranty or breach of any agreement made or to be performed by
FMP or FEGP Merger pursuant to this Agreement.

12. Power of Attorney. By executing this Agreement, FEGP Shareholder and FEGP
each hereby irrevocably constitutes and appoints FMP as his or its
attorney-in-fact and agent with full power of substitution to take any and all
actions and execute any document and agreement relating to the Merger
Consideration or this Agreement, on FEGP Shareholder's or FEGP's behalf, as
applicable, and in FEGP Shareholder's or FEGP's name, as applicable, as FMP may
deem necessary or desirable.

13. Termination. This Agreement shall terminate automatically if the Closing
Date has not occurred within two years after the date of this Agreement.

14. General Provisions.

         14.1 Modification. Neither this Agreement nor any provisions hereof
shall be waived, modified, discharged or terminated except by an instrument in
writing signed by the party against whom any waiver, modification, discharge or
termination is sought; provided that FEGP Shareholder and FEGP each agrees to
future modifications of this Agreement as may be reasonably proposed by FMP,
provided that such modifications do not have any negative impact on the tax
position of FEGP Shareholder or FGHP.

                                       12
<PAGE>

         14.2 Notices. All notices, requests and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered
personally or by facsimile transmission or mailed (first class postage prepaid)
to the parties at the following addresses or facsimile numbers:

  If to FEGP Shareholder or FEGP: Insert applicable addressee:
                                  [Feldman Partners, LLC]
                                  [Feldman Equities General Partner Inc.]
                                  3225 North Central Avenue, Suite 1205
                                  Phoenix, Arizona 85012
                                  Facsimile:  602-277-7774

  If to FMP or FEGP Merger:       Insert applicable addressee:
                                  [Feldman Mall Properties, Inc.]
                                  [Feldman Equities General Partner Merger Inc.]
                                  3225 North Central Avenue, Suite 1205
                                  Phoenix, Arizona 85012
                                  Attention:  Larry Feldman
                                  Facsimile:  602-277-7774

                                  in each case, with a copy to:

                                  Clifford Chance US LLP
                                  31 West 52nd Street
                                  New York, New York  10019
                                  Attention:  Jay L. Bernstein, Esq.
                                  Facsimile:  212-878-8375

All such notices, requests and other communications will (a) if delivered
personally to the applicable addressees as provided in this Section 14.2, be
deemed given upon delivery; (b) if delivered by facsimile transmission to the
applicable facsimile numbers as provided in this Section 14.2, be deemed given
upon receipt; and (c) if delivered by mail to the applicable addressees as
provided in this Section 14.2, be deemed given upon receipt or refusal (in each
case regardless of whether such notice, request or other communication is
received by any other Entity or person to whom a copy of such notice is to be
delivered pursuant to this Section 14.2). Any party from time to time may change
its address, facsimile number or other information for the purpose of notices to
that party by giving notice specifying such change to the other parties hereto
in accordance with this Section 14.2.

         14.3 Binding Effect. Except as otherwise provided herein, this
Agreement shall be binding upon and inure to the benefit of the parties and
their heirs, executors, administrators, successors, legal representatives and
permitted assigns. If FEGP Shareholder is itself more than one person, the
obligations of such persons shall be joint and several and the acknowledgements,
representations, warranties, covenants and agreements herein contained shall be
deemed to be made by and be binding upon each such person and his or her heirs,
executors, administrators, successors, legal representatives and permitted
assigns.

         14.4 Entire Agreement. The Transaction Documents and the documents
referred to therein contain the entire agreement of the parties with respect to
the Merger and the Merger Consideration, and there are no representations,
warranties, covenants or other agreements except as stated or referred to herein
or therein.

                                       13
<PAGE>

         14.5 Ambiguity. The parties hereto agree that any ambiguity with
respect to the Merger or the rights or obligations of the parties under this
Agreement shall be resolved by the Board of Directors of FMP, which resolution
shall be binding on the parties.

         14.6 Assignability. This Agreement is not transferable or assignable by
any party hereto. This Agreement shall be for the benefit of the parties hereto.

         14.7 Applicable Law. This Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Pennsylvania.

         14.8 Counterparts. This Agreement may be executed by facsimile
signature and through the use of separate signature pages or in counterparts,
and each of such counterparts shall, for all purposes, constitute one agreement
binding on the parties hereto, notwithstanding that the parties hereto are not
signatories to the same counterpart.

         14.9 Further Assurances. FEGP and FEGP Shareholder will, from time to
time, execute and deliver to FMP all such other and further instruments and
documents and take or cause to be taken all such other and further action as FMP
may reasonably request in order to effect the transactions contemplated by this
Agreement. Without limiting the foregoing, FMP may request from FEGP Shareholder
such additional information as it may deem necessary to evaluate the eligibility
of FEGP Shareholder to acquire the Merger Consideration, and may request from
time to time such information as it may deem necessary to determine the
eligibility of FEGP Shareholder to hold the Merger Consideration or to enable
FMP to determine FEGP Shareholder's compliance with applicable regulatory
requirements or tax status, and FEGP Shareholder shall provide such information
as may reasonably be requested.

         14.10 Severability. If any term or provision of this Agreement shall to
any extent be invalid or unenforceable, the remainder of this Agreement shall
not be affected thereby, and each term and provision of this Agreement shall be
valid and enforceable to the fullest extent permitted by law. Upon the
determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties shall negotiate in good faith to modify this
Agreement so as to effect their original intent as closely as possible in an
acceptable manner to the end that transactions contemplated hereby are fulfilled
to the extent possible.

         14.11 Specific Performance. The parties hereto acknowledge that there
would be no adequate remedy at law if any party fails to perform any of its
obligations hereunder, and accordingly agree that each party, in addition to any
other remedy to which it may be entitled at law or in equity, shall be entitled
to compel specific performance of the obligations of any other party under this
Agreement in accordance with the terms and conditions of this Agreement.

         14.12 Expenses. Each of the parties hereto agrees to pay the expenses
incurred by it in connection with the negotiation, preparation, review,
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby, including the fees and expenses of counsel to
such party.

         [The remainder of this page has been intentionally left blank.]


                                       14
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

<TABLE>
<CAPTION>
<S>                                                                  <C>
FEGP:                                                                REDEEMING MEMBER:
----                                                                 ----------------

FELDMAN EQUITIIES GENERAL PARTNER INC.,                              FELDMAN PARTNERS, LLC,
a Pennsylvania corporation                                           an Arizona limited liability company

By: /s/ Lawrence Feldman                                             By: /s/ Lawrence Feldman
    -----------------------                                              -----------------------
   Name:                                                                 Name: Lawrence Feldman
   Title:                                                                Title: Manager

FEGP MERGER:                                                         FMP:
-----------                                                          ---

FELDMAN EQUITIES GENERAL PARTNER MERGER INC.,                        FELDMAN MALL PROPERTIES, INC.,
a Pennsylvania corporation                                           a Maryland corporation

By: /s/ Lawrence Feldman                                             By: /s/ Lawrence Feldman
    -----------------------                                              ----------------------
   Name:                                                                 Name:  Lawrence Feldman
   Title:                                                                Title: President

</TABLE>


                                       15
<PAGE>

                                                                       Execution

                                   Schedule 1

1.   Feldman Partners, LLC Redemption Agreement dated as of August 13, 2004,
     among Feldman Partners, LLC, an Arizona limited liability company ("FP"),
     Feldman Equities of Arizona, LLC, an Arizona limited liability company
     ("FEA"), Feldman Equities Operating Partnership, LP, a Delaware limited
     partnership (the "Partnership"), Feldman Holdings Business Trust I, a
     Massachusetts business trust (the "General Partner"), and Feldman Mall
     Properties, Inc., a Maryland corporation ("FMP").

2.   Recapitalization Agreement dated as of August 13, 2004, among James Bourg,
     Scott Jensen, the Partnership and FMP.

3.   Subscription Agreement dated as of August 13, 2004, among the Partnership,
     FMP and FEA.

4.   Erhart Redemption Agreement dated as of August 13, 2004, among Jeffrey
     Erhart, FEA, the Partnership, the General Partner and FMP.

5.   Irrevocable Contribution Agreement dated as of August 13, 2004, among
     Lawrence Feldman, the Partnership, the General Partner, FMP and FEA.

6.   FEGP Merger Agreement dated as of August 13, 2004, among Feldman Equities
     General Partner Inc., a Pennsylvania corporation, Feldman Equities General
     Partner Merger Inc., a Pennsylvania corporation, FMP and FP.

7.   FHGP Merger Agreement dated as of August 13, 2004, among Feldman Harrisburg
     General Partner Inc., a Pennsylvania corporation, Feldman Harrisburg
     General Partner Merger Inc., a Pennsylvania corporation, FMP and FP.


<PAGE>

                                    EXHIBIT A

                                    FORM W-9

<TABLE>
<CAPTION>
------------------------- ----------------------------------------------------- --------------------------------------
SUBSTITUTE                Part 1 --  PLEASE  PROVIDE  YOUR  TIN  IN THE  BOX AT Social Security
Form W-9                  RIGHT AND CERTIFY BY SIGNING AND DATING BELOW         Number(s) or Employer
                                                                                Identification Number
------------------------- ----------------------------------------------------- --------------------------------------
<S>                       <C>                                                   <C>

Department of             Part 2 -- Certification -- Under penalties of perjury, I certify that: (1) The number shown
The Treasury              on this form is my correct taxpayer identification number (or I am waiting for a number to
Internal Revenue          be issued to me); (2) I am not subject to backup withholding because: (a) I am exempt from
Service                   backup withholding, or (b) I have not been notified by the Internal Revenue Service ("IRS")
                          that I am subject to backup withholding as a result of failure to report all interest or
                          dividends, or the IRS has notified me that I am no longer subject to backup withholding;
                          and (3) I am a U.S. person (including a U.S. resident alien).

------------------------- ------------------------------------------------------------------- ------------------------
Payer's                   Certification Instructions -- You must cross out item (2) above if  Part 3 --
Request for               you have been notified by the IRS that you are subject to backup    Awaiting TIN
Taxpayer                  withholding because you have failed to report all interest and      |_|
Identification            dividends on your tax return. However, if after being notified by
Number (TIN)              the IRS that you were subject to backup withholding you received
                          another notification from the IRS that you are no longer subject
                          to backup withholding, do not cross out item (2).

----------------------------------------------------------------------------------------------------------------------
CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER
(Applicable only if the box in Part 3 above is checked)

I certify under penalties of perjury that a taxpayer identification number has
not been issued to me, and either (a) I have mailed or delivered an application
to receive a taxpayer identification number to the appropriate Internal Revenue
Service Center or Social Security Administration office, or (b) I intend to mail
or deliver an application in the near future. I understand that if I do not
provide a taxpayer identification number within sixty days, 28 percent of all
reportable payments made to me thereafter will be withheld until I provide a
taxpayer identification number.

------------------------------------------------------------ ---------------------------------------------------------


FELDMAN PARTNERS, LLC,
an Arizona limited liability company

By:      /s/ Lawrence Feldman
         -----------------------
         Name:  Lawrence Feldman
         Title: Manager

Date:  August 13, 2004

------------------------------------------------------------ ---------------------------------------------------------

</TABLE>


<PAGE>


                              EXHIBIT A (CONTINUED)

--------------------------------------------------------------------------------

              FIRPTA AFFIDAVIT -- CERTIFICATE OF NON-FOREIGN STATUS

Section 1445 of the Internal Revenue Code provides that (a) a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person and (b) a partnership must withhold tax with respect to certain amounts
that are allocable to or would otherwise be distributed to a foreign person that
owns an interest in such partnership. To inform FMP that withholding of tax is
not required, the undersigned hereby certifies the following as of the date
hereof and as of the Closing Date:

         1. FEGP Shareholder, if an individual, is not a nonresident alien for
purposes of U.S. income taxation, and if not an individual, is not a foreign
corporation, foreign partnership, foreign trust, or foreign estate (as those
terms are defined in the Internal Revenue Code and Income Tax Regulations);

         2. FEGP Shareholder, if not an individual, is not a disregarded entity
as defined in Section 1.1445-2(b)(2)(iii) of the Income Tax Regulations
promulgated under the Internal Revenue Code.

         3. FEGP Shareholder's Social Security Number (for individuals) or
Employer Identification Number (for non-individuals) is: _____________; and

         4. FEGP Shareholder's address is: Feldman Partners, LLC, 3225 North
Central Avenue, Suite 1205, Phoenix, Arizona 85012.

In addition, FEGP Shareholder agrees to inform FMP if he or it becomes a foreign
person at any time during the three year period immediately following the date
of this notice.

I understand that this certification may be disclosed to the Internal Revenue
Service by FMP and that any false statement I have made here could be punished
by fine, imprisonment, or both.

Under penalties of perjury I declare that I have examined this certification and
to the best of my knowledge and belief it is true, correct and complete, and, if
this document is being signed on behalf of a FEGP Shareholder that is not an
individual, I further declare that I have authority to sign this document on
behalf of FEGP Shareholder.

FELDMAN PARTNERS, LLC,
an Arizona limited liability company

By:      /s/ Lawrence Feldman
         -----------------------
         Name:  Lawrence Feldman
         Title: Manager


Date: August 13, 2004

--------------------------------------------------------------------------------




<PAGE>


                              EXHIBIT A (CONTINUED)

                        ACCREDITED INVESTOR QUESTIONNAIRE

         FEGP Shareholder hereby represents and warrants that he, she or it is
an "Accredited Investor," as such term is defined in Rule 501 under Regulation D
of the Securities Act based upon the fact that he, she or it meets at least one
of the following requirements (check all that apply):

____ (1) he or she is a natural person whose individual net worth, or joint net
worth with that person's spouse, at the time of his or her purchase exceeds
$1,000,000; or

____ (2) he or she is a natural person who had an individual income in excess of
$200,000 in each of the two most recent years or joint income with that person's
spouse in excess of $300,000 in each of those years and who has a reasonable
expectation of reaching the same income level in the current year; or

____ (3) it is a private business development company as defined in Section
202(a)(22) of the Investment Advisers Act of 1940; or

____ (4) it is a bank as defined in Section 3(a)(2) of the Securities Act, or a
savings and loan association or other institution as defined in Section
3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary
capacity; a broker dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934; an insurance company as defined in Section 2(13) of the
Securities Act; an investment company registered under the Investment Company
Act of 1940 or a business development company as defined in Section 2(a)(48) of
that Act; a Small Business Investment Company licensed by the United States
Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958; a plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees, if such plan has total
assets in excess of $5,000,000; or an employee benefit plan within the meaning
of the Employee Retirement Income Security Act of 1974, if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such Act,
which is either a bank, savings and loan association, insurance company, or
registered investment adviser, or if the employee benefit plan has total assets
in excess of $5,000,000 or, if a self-directed plan, with investment decisions
made solely by persons that are accredited investors; or

____ (5) it is an organization described in Section 501(c)(3) of the Internal
Revenue Code, corporation, Massachusetts or similar business trust, or Company,
not formed for the specific purpose of acquiring the Merger Consideration, with
total assets in excess of $5,000,000; or

____ (6) it is a trust, with total assets in excess of $5,000,000, not formed
for the specific purpose of acquiring the Merger Consideration, whose purchase
is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of the
Securities Act; or

____ (7) it is an Entity in which all the equity owners are Accredited Investors
under any one of items (1) through (6) above.

Capitalized terms not defined herein shall have the meaning ascribed to such
terms in that certain FEGP Merger Agreement dated as of August 13, 2004, among
Feldman Equities General Partner Inc., Feldman Equities General Partner Merger
Inc., Feldman Equities Operating Partnership, LP, Feldman Mall Properties, Inc.
and Feldman Partners, LLC.

FELDMAN PARTNERS, LLC,
an Arizona limited liability company

By:      /s/ Lawrence Feldman
         -----------------------
         Name:  Lawrence Feldman
         Title: Manager


Date: August 13, 2004